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Unexpectedly, Solana (SOL) ETFs have surpassed XRP by a significant margin, surprising many. On September 28, U.S. daily net inflows into Solana funds totaled $12.70 million, while XRP products brought in $3.96 million. That is more than 300%, or about 3.2 times more.
The lead is consistent over time. SOL's inflows more than doubled those of XRP over the last 30 days, with Solana ETFs collecting $278.20 million compared to $127.05 million for XRP. The cumulative net inflows for Solana and XRP are $1.62 billion and $1.80 billion, respectively, indicating that XRP's lead is rapidly diminishing.
The shift is even more evident in net assets. Solana funds now hold $1.93 billion, surpassing the $1.68 billion held by XRP. Additionally, Solana has nine ETFs available, while XRP has only five. Even though XRP has a higher market capitalization of $95.47 billion compared to $70.69 billion for SOL, SOL products make up 2.72% of the token's market capitalization, significantly more than XRP's 1.76%. Daily value traded stood at $39.37 million for XRP and $90.43 million for Solana.
Demand is also reflected in price action. SOL easily cleared the 200-day moving average around $95 after rising from the $75 area in early August to about $119.81. Higher highs were reached in September, with a local peak near $125. The 50-day moving average is pulling away from the 200-day, while the moving averages are rising and stacked bullishly.
Staying heavily overbought
Although the RSI is comfortably near 60 rather than in extreme territory, recent candles show some cooling, with a pullback from $125 and fading volume. That leaves room for further upside without the asset immediately entering heavily overbought territory.
Institutional appetite is currently leaning toward Solana, and ETF flows are frequently used as a proxy for institutional demand. In terms of cumulative inflows, XRP continues to lead, but recent momentum has clearly shifted toward SOL. The difference in assets under management and market share may grow further if SOL maintains support at $110 and inflows continue at this rate.
Compared to Bitcoin's $107.82 billion and Ethereum's $17.69 billion, Solana's ETF footprint is still modest, but what counts in this case is its trajectory.
Arman Shirinyan
Dan Burgin
